More aggressive bond purchases likely

ISRAEL - Report 22 Jun 2020 by Jonathan Katz

Recent indicators point to further improvement in activity, but the level remains about 10% below that of pre-Covid. May's low CPI (-1.6% y/y) underlines mostly the sharp downward demand shock due to the crisis. Low inflation will strengthen the doves on the MPC (although a rate cut is not our base case) and support more aggressive bond purchases.

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